After breaking past the $9600 resistance level at the start of the week, Bitcoin has today dropped below the support level to trade at 9, 554.75(-0.49%) at the time of writing.
Since the beginning of the week, Bitcoin has been trading above $9700, raising hopes among traders of hitting the highly anticipated $10, 000 price mark. However, a major-sell off among investors has hindered the bulls from pushing the price past the crucial $9, 880 resistance level.
Ethereum, on the other hand, continues a good run, gaining by 0.49% to trade at $243.57 at the time of writing with a 24-hour high of $249.14. Other altcoins, notably BCH, BSV, BNB, BAT, ATOM, ZEC, LINK, and ADA, continue gaining.
BTC/USD Support Level
Despite displaying a strong bullish pattern at the beginning of the week, Bitcoin has dropped past the crucial $9600 support level. The fall below the support level has deemed hope among investors of a possible price break out to $10, 000 by the end of this month.
The price drop to the previous consolidation range is largely attributed to increased sell-off among investors. Earlier in the intraday trading session, Bitcoin had dropped below $9500 with the 1-hour SMA100 mark at $9, 466. A drop below $9600 is a warning signal of the price touching $9, 000 before the bulls gain traction to push the price towards $10, 000.
On the upside, Bitcoin needs to ease the bearish pressure and stay above $9600 to rally towards $10, 000. Crucial resistance level lies at $9, 880. It will be interesting to see how BTC will end the week to determine the next price course.
Ethereum Surges 5% Against Bitcoin
Starting this week, Ethereum has displayed a strong bullish trend, which is likely to continue in the coming weeks. The coin has surged by 5% against Bitcoin-an indication that Ethereum has been more active in the crypto space compared to Bitcoin.
At the time of writing, Ethereum is trading at $ 242.73, having tested the $250 resistance level in the past 24hrs. From the trading chart, Ethereum displays bullish signals evidenced by the double bar bullish reversal pattern. It’s therefore highly likely for Ethereum to soar past $250 in the coming week. Also, any break past the $250 critical resistance level would propel the price towards $300, a crucial level of support and resistance since 2007.
On the downside, a price collapse below $240 would send the price tumbling to the lows of $230. Nonetheless, all signals point towards a strong bullish pattern.
Major altcoin gainers today were Zcash 10.47%, Synthetix Network Token 8.57%, Ren 11.53%, and Bancor 22.91%.